Former DJs boss Mark McInnes updates his CV as Myer job opens
The golden goose of retail, Mark McInnes, appears to have taken time out from his time-out. The man is briefly home in Melbourne after his travels to foreign lands, sighted (where else?) but along Collins Street, practically strutting in a bag of fruit. This while the succession-planning begins at Myer after outgoing CEO John King announced his retirement on Monday. He’ll finish up in the latter half of 2024.
No suggestion that McInnes will take the job, or wants it, but Margin Call understands his non-compete restraints end on January 17, per the terms of his contract with billionaire Solomon Lew, who employed McInnes as CEO of Premier Retail until his resignation in 2021.
As canvassed on Monday, we have our doubts as to whether Lew would be enamoured with the idea of McInnes coming out of retirement to helm a rival, even one like Myer, where Lew has methodically staked out a 26 per cent shareholding.
McInnes appears to be agnostic about his plans from January 17, according to the people talking to us. Offers coming out of his ears and all that, they say. Private equity. Funds management. The listed and unlisted corporates.
One might suggest that he’d hit up Vail at that time of year instead, but then we noticed that his LinkedIn page – fully operative on Monday – had been mysteriously taken down on Wednesday. Time for a quick buff-and-shine of the CV, eh?
Hand delivered
Assistant Treasurer Stephen Jones doesn’t mind martyring himself for a meet-and-greet with constituents in his electorate of Whitlam, located in the NSW Southern Highlands.
It takes a brave politician to do so, but having endured only a minor swing against his 10.9 per cent margin at last year’s election, we suspect most of the people turning up for the gladhanding are fans of the minister.
One soul we did not expect to hear about at the “street meet” is James Mawhinney, the managing director of Mayfair 101. Mawhinney was pursued by the Australian Securities and Investments Commission and subjected to a 20-year fundraising ban in 2021, only for that decision to be rescinded by the Federal Court a year later.
The case is scheduled for a retrial and Mawhinney is simultaneously suing ASIC and its deputy chair Sarah Court over what he claims are slanderous remarks made about him in a press release.
Harbouring what is obviously a well-nursed grudge against ASIC, we hear Mawhinney got creative on the weekend and travelled from Victoria all the way to the Wollongong suburb of Berkeley to secure some face-time with the minister and present him with an envelope containing a run-down of the corporate regulator’s failings.
Jones took a peek at the contents but wisely elected to pass it to a minder for a more considered analysis, where we understand it remains.
“I thought it was very strange,” Jones told Margin Call. “He travelled a long way to do Australia Post’s job to hand me something.”
Mawhinney told us that the information he passed on should be valuable. “I have made the Assistant Treasurer aware of what triggered ASIC’s campaign against Mayfair 101,” he said, citing the contents of a freedom of information request.
“(It) revealed that ASIC formed a concluded view within four hours of a speculative email from an unrelated party.”
Jones does have a point, though.
Red alert
First came the strategists – reputational fixers hired by PwC to soothe the partners and run some coolant over the blazing glare of the nation’s press.
And if the feeding frenzy has a second wave, it’s happening now with the lawyers. Margin Call hears PwC has turned to the services of King & Wood Mallesons partner Moira Seville to navigate the ongoing maelstrom.
But that’s to say nothing of the partners and former partners – some named, some not, some of whom are facing questions in their new lines of employment. It appears they’re arming themselves with their own legal representation, or mapping out the terrain to make it happen.
We hear more than a few are banging at the doors of Arnold Bloch Leibler partners Leon Zwier and Jeremy Leibler, with both said to be in conversation with affected parties. Zwier’s probably taken a few calls with former PwC chief Luke Sayers – they’re mates, after all.
Unclear if ABL’s actually signed anyone yet, but they’ll want to make sure they hitch their wagon to a seriously affected party. As will Quinn Emanuel Urquhart & Sullivan, who’ve had expressions of interest. PwC has triaged the alleged culpability of those involved using a colour scheme. The really naughty ones are coloured red, while amber and yellow seem to be the lineball shades. There’s not much glory or grist in representing some schmuck in green who merely opened an email.
Running out of gas?
Oh boy. More exits at the turnstiles of limping oil and gas lobby APPEA, better known as the Australian Petroleum Production & Exploration Association. The latest is Simon Staples, formerly APPEA’s gun director for policy and capital markets. He posted a farewell on LinkedIn last week, describing his near four years as a “relentless and rewarding” ride. We gather that’s a polite way of putting it.
Margin Call has revealed about a dozen significant departures from APPEA over the past 12 months, many of whom occupied the executive levels of the organisation. Then there’s the peculiar signing of pricey strategic firms like CMAX Advisory and 89 Degrees East. Those on the inside don’t seem to know what either of them do to contribute. And that’s to say nothing of the junior hires being parachuted into executive roles without industry or policy experience. Recipe for success?
Champion of the battlers has his expenses queried
Allan Fels built a reputation for crusading on behalf of the little guy. So why is he in a stoush with NSW Treasury over his taxpayer-funded expenses?
Tink turns opaque on finance transparency
Kylea Tink’s passion for trying to extract and publish every last detail of campaign financing from rival political parties seems to run out of steam when it comes to her own donation receipts.